By Raghav Sood
The economic turbulence spurred on by the COVID-19 pandemic had a devastating impact on the retail sector. The retail industry, the second largest employer of the country, provides bread and butter to a massive chunk of the population. While retailers are trying to stay afloat during the crisis, the store restrictions, stricter curbs, early store closures, and weekend lockdowns have affected them even more adversely. The challenges posed by the pandemic made retailers find ways to engage customers and operate their business by adapting to the trends and sustaining their business and investments.
Why is social media important for the retail sector?
The world has moved on to online purchases due to the many reasons posed by the pandemic. Last year the e-commerce sector saw an upward graph of 94% volume growth compared to the previous year. The reason for this is many users converting digital. The number of internet users in India increased by 47 million (+8.2%) between 2020 and 2021, while the number of social media users in India increased by 78 million (+21%) during the same period. This number constitutes 32.3% of the total population in January 2021.
With many people converting to digital shopping, it is high time for brick-and-mortar stores to leverage social media for sustaining their business. Brick-and-mortar structure combined with social media has the incredible power to uphold the retail sector. While brick-and-mortar structures take care of...
Read Full Story: https://www.financialexpress.com/brandwagon/brick-and-mortar-structure-and-social-media-to-play-a-vital-role-in-the-survival-of-the-retail-sector/2324083/
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